Candid Therapeutics follows closely behind Neurona Therapeutics, which UCB acquired in mid-April in a potential $1.15 billion deal.
UCB is again taking out its checkbook, this time picking up immunology specialist Candid Therapeutics in a deal that extends the dealmaking streak across the broader biopharma industry.
Under the terms of the acquisition, announced in a Sunday release, UCB will front $2 billion to swallow Candid and its pipeline of T cell engagers, which the companies say could redefine the treatment landscape for autoimmune and inflammatory indications. UCB is also on the hook for up to $200 million in milestones.
The companies expect to complete the transaction by the end of the second quarter or early in the third quarter.
Anchoring the acquisition is Candid’s lead asset cizutamig, an investigational bispecific antibody that works by binding to BCMA on plasma cells and CD3 on T cells, facilitating the depletion of diseased B cells.
Cizutamig’s action is designed to “maintain cytotoxicity while limiting cytokine release” and is a “potential best in class” therapy for autoimmune diseases, the companies said. The asset has been studied in more than 100 patients with multiple myeloma and autoimmune disorders, and is currently being trialed for more than 10 indications, Candid announced in January.
Cizutamig is but one T cell engager in Candid’s pipeline. These assets, according to Candid, can potentially trigger “deep, targeted depletion” of disease-causing B cells, eliciting immune reset. Among the immune indications that this pipeline targets are myasthenia gravis, systemic lupus erythematosus and rheumatoid arthritis.
The UCB deal on Sunday comes a day after Candid secured its spot on the Nasdaq via a reverse merger with Rallybio. Under that deal, announced Saturday, Rallybio will purchase all of Candid’s shares, but the resulting entity will keep the Candid brand and trade under the symbol CDRX. The merger—alongside a concurrent private placement—will give the combined company $505 million in financial firepower that will keep it going through 2030.
For UCB, Candid follows closely behind Neurona Therapeutics, which the Belgian company acquired in mid-April for $650 million upfront and the promise of up to $500 million in milestones. Neurona brings to UCB the cell therapy NRTX-1001, currently in Phase 1/2 development for drug-resistant unilateral and bilateral mesial temporary lobe epilepsy.
The spending spree extends beyond UCB and Candid, with the broader pharma space seemingly more liberal with its spending in recent months. Industry giant Eli Lilly, for instance, has already let loose some $21 billion in the first few months of 2026 alone, snapping up subsidiaries like CrossBridge Bio and Kelonia Therapeutics.
Other pharma powerhouses have also gone on a buying binge of late, including Gilead’s $5 billion play for Tubulis and Merck’s $6.7 billion bet for Terns Pharmaceuticals.
